External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Auto OEMs: We expect Revenue/EBITDA/PAT of Auto OEMs under our coverage to grow at 17%/41%/50% YoY in Q2FY24.</li><li>This will be led by YoY growth in 1) The PV segment (up ~5% YoY in domestic sales), 7% growth in CV domestic sales, 59% growth in domestic 3W sales being partly offset by a 2% marginal drop in overall 2W sales volumes (domestic + exports),</li><li>2) Higher average selling price (ASP) on a YoY basis, led by price hikes taken by OEMs and improved product mix,</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Auto OEMs: We expect Revenue/EBITDA/PAT of Auto OEMs under our coverage to grow at 17%/41%/50% YoY in Q2FY24.This will be led by YoY growth in 1) The PV segment (up ~5% YoY in domestic sales), 7% growth in CV domestic sales, 59% growth in domestic 3W sales being partly offset by a 2% marginal drop in overall 2W sales volumes (domestic + exports),2) Higher average selling price (ASP) on a YoY basis, led by price hikes taken by OEMs and improved product mix,Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Sep’23 Wholesale Volumes: The PV domestic sales were led by higher SUV dispatches while entry-level car sales remained under pressure.</li><li>Domestic 2W sales grew by 13% MoM (up 2% YoY, excluding HMSI) as OEMs filled the channel inventory ahead of the festive season.</li><li>2W exports showed early signs of strength (needs monitoring) with industry (excl HMSI) growing 4%/1% on a YoY/QoQ basis. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Sep’23 Wholesale Volumes: The PV domestic sales were led by higher SUV dispatches while entry-level car sales remained under pressure.Domestic 2W sales grew by 13% MoM (up 2% YoY, excluding HMSI) as OEMs filled the channel inventory ahead of the festive season.2W exports showed early signs of strength (needs monitoring) with industry (excl HMSI) growing 4%/1% on a YoY/QoQ basis. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>Channel Check ahead of festive season: We interacted with the dealers across the country of Hero Moto Corp, TVS, Bajaj Auto, Eicher, Maruti Suzuki and Ashok Leyland.</li><li>We see more optimism by the dealers in the PV segment with robust demand for UVs.</li><li>In the 2W segment dealers are witnessing good demand for 125cc+ segment, while the entry level bikes continue to remain weak due to uneven and deficient monsoon in the key end markets.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Channel Check ahead of festive season: We interacted with the dealers across the country of Hero Moto Corp, TVS, Bajaj Auto, Eicher, Maruti Suzuki and Ashok Leyland.We see more optimism by the dealers in the PV segment with robust demand for UVs.In the 2W segment dealers are witnessing good demand for 125cc+ segment, while the entry level bikes continue to remain weak due to uneven and deficient monsoon in the key end markets.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Dabur: Dabur delivered an operationally in-line Q1FY24 print with consolidated revenue/EBITDA each growing by 11% YoY while volume grew by 3% (c.6% excl beverages)</li><li>The domestic business grew by 8% while the international business posted a 10% growth (21% cc growth)</li><li>Growth was led by double-digit growth in healthcare (+10%) and HPC (+11%)</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Dabur: Dabur delivered an operationally in-line Q1FY24 print with consolidated revenue/EBITDA each growing by 11% YoY while volume grew by 3% (c.6% excl beverages)The domestic business grew by 8% while the international business posted a 10% growth (21% cc growth)Growth was led by double-digit growth in healthcare (+10%) and HPC (+11%)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Dabur, Eicher Motors, Hindustan Petroleum Corporation

<div><div><div><div><div><div><div><div><ul><li>In Q1FY24, All OEMs under our coverage are likely to report margin expansion on a YoY basis (+260 bps YoY expansion).</li><li>On a QoQ basis, we forecast margin expansion for TVS/Bajaj in the 2W segment, which will be driven by higher export volume and a better product mix.</li><li>We also foresee margin improvement in Escorts Kubota with a 7% QoQ increase in tractor sales and RM tailwinds.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p></div></div></div></div></div></div></div></div>

In Q1FY24, All OEMs under our coverage are likely to report margin expansion on a YoY basis (+260 bps YoY expansion).On a QoQ basis, we forecast margin expansion for TVS/Bajaj in the 2W segment, which will be driven by higher export volume and a better product mix.We also foresee margin improvement in Escorts Kubota with a 7% QoQ increase in tractor sales and RM tailwinds.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India

Eicher Motors Limited is an Indian multinational automotive company that manufactures motorcycles and commercial vehicles. It is the parent company of Royal Enfield, a manufacturer of middleweight motorcycles, and operates a joint venture with Volvo Group for Eicher branded trucks and buses. The company is headquartered in New Delhi, India, and was founded in 1948.

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Eicher Motors (EIM IN)

Auto Q2FY24 Results Preview

Auto OEMs: We expect Revenue/EBITDA/PAT of Auto OEMs under our coverage to grow at 17%/41%/50% YoY in Q2FY24. This will be led by YoY growth in 1)...

Axis Direct

Auto Monthly Volume Sep 2023

Sep’23 Wholesale Volumes: The PV domestic sales were led by higher SUV dispatches while entry-level car sales remained under pressure.

Axis Direct

Sector Update - Automotive Industry

Channel Check ahead of festive season: We interacted with the dealers across the country of Hero Moto Corp, TVS, Bajaj Auto, Eicher, Maruti Suzuki...

Axis Direct

HSIE Results Daily: Dabur, Eicher Motors, Hindustan Petroleum Corporation

Dabur: Dabur delivered an operationally in-line Q1FY24 print with consolidated revenue/EBITDA each growing by 11% YoY while volume grew by 3% (c.6%...

HDFC Securities

Auto - Q1FY24 - Earnings Preview

On a QoQ basis, we forecast margin expansion for TVS/Bajaj in the 2W segment, which will be driven by higher export volume and a better product mix.

Axis Direct

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